The markets put in a key pivot top this week. The master $133.30 on the SPDR S&P 500 ETF (NYSEARCA:SPY) was hit. This was the target for the end of the January move, prior to a pull back. Sure enough, the markets have started pulled back. Today, the S&P 500 is floating flat to slightly lower. Flat is normal on a Friday when volume dies out by 11AM ET.
Next week more downside should be seen. The key is to recognize the plethora of amazing news this week and the lack of upside in the markets. Between the Federal Reserve and earnings from Apple Inc. (NASDAQ:AAPL), most expected 1350 or higher on the S&P 500. Instead, the markets topped out. If news of that magnitude cannot push the markets higher, it tells us a pull back is in store.
Next week, watch for issues to emerge from Europe once again. There has been no panic from Europe in over a month and it is likely, based on the charts to occur. In addition, next week we see earnings from Amazon.com, Inc. (NASDAQ:AMZN).
Gareth Soloway
InTheMoneyStocks.com
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